Oncology Institute Inc
theoncologyinstitute.comThe Oncology Institute, Inc. (NASDAQ: TOI) is a value-based oncology company that operates a network of outpatient cancer care clinics through affiliated physician corporations (the TOI PCs). Revenue comes from two primary streams: capitation payments under managed care contracts, where TOI receives fixed per-member-per-month fees to manage oncology care for defined patient populations, and fee-for-service (FFS) billings to third-party payors including Medicare, Medicaid, commercial insurers, and patients for specific medical services rendered. Drug purchases, covering both oral and chemotherapy drugs, represented approximately 84% of total costs for the year ended December 31, 2025. As of December 31, 2025, TOI operated leases for 65 clinics across California, Arizona, Nevada, Florida, and Oregon, with principal executive offices in Cerritos, California. The company functions as a management services organization, providing administrative, billing, technology, and operational support to the TOI PCs under management services agreements.
Products & Services
Outpatient oncology care services including chemotherapy administration, oral oncology drug dispensing, specialty pharmacy operations, and physician-delivered cancer treatment. Drug procurement (oral and chemotherapy drugs) represents approximately 84% of total costs as of FY2025.
Revenue Model
Two revenue streams: capitation contracts (fixed per-member-per-month payments from managed care payors for delegated oncology care management) and fee-for-service billings to Medicare, Medicaid, commercial insurers, and patients for individual medical services rendered by TOI PC physicians. FFS revenue is recorded net of contractual adjustment allowances.
Customers & Markets
Cancer patients served through managed care and government payor contracts. Payors include Medicare, Medicaid, and commercial managed care organizations. FFS referral volume depends on relationships with primary care physicians and associated medical groups.
Geographic Exposure
United States only. As of December 31, 2025, 65 clinic leases across California, Arizona, Nevada, Florida, and Oregon. Principal offices in Cerritos, California under a lease expiring December 31, 2027.
Financial Snapshot
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